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's trip and whether this economy is going to go up. tomorrow, a lookat numbers you don't really quite see all the . melissa: i'm melissa francis and here's what's "money" tonight of the as we speak setting themselves up for a run on the bank. cypriot banks closed until next tuesday. people are scrambling to get as much as they can from atms. should you be worried about your money in the bank right now? we'll we'll find out from today's power panel. plus billionaire's take on the pulse of the economy and consumers. landry's is one of the country's largest estaurant and gammably companies. he is here to tell us where he sees the biggest headwinds and opportunities right now. >>> call it the anti-student loan. investors will pay school costs for a piece of student's future income. isn't that interesting? can this help solve the student debt crisis? the ceo behind it will explain this break through because even when they say it is a not it is always about money melissa: first today's market moment. the bulls are back in the driver's seat. the fed says its policy to stimulate the economy will
and around the world. i'm fareed zakaria. a great show for you today. first up, the question for the economy. should we save or should we spend? what will get the economy moving faster? i'll talk to the chief proponent of spending. nobel prize winning economist paul krugman. then, the race for space. is america losing? china is building its own space station and the u.s. has to rely on russia to send our astronauts up to the stars. what is going on? >>> and the exploding middle class. in more than seven years it will triple in size to almost 2 billion people. it will change the world. we'll talk about how. >>> but, first, here's my take. those of you who follow the show reg lerly know i have long argued that cutting government spending in the midst of a weak recovery is not a path towards growth. but i have also argued that america does have a debt and deficit problem and we need to take it very seriously. the fact is, the vast majority of our debt problems relate to the costs of health care in america. now that the debate over obama care is over, we should start thinking about how to get am
laugh. we'll get his prediction where natural gas prices are headed next. >>> not even a down economy can crush rock and roll. legendar kiss rockers gene simmons and paul stanley kick off a big expan shun of their restaurants. they're here in first on fox interview to tell us why now is the time to bet on the consumer. even when they say it's not it is always about money melissa: first let's turn to today's market moment. fears over cyprus's bailout led to a choppy day of trading on wall street. the dow managed to eke out a slight gain wi the nasdaq and s&p 500 posting minor laws. the s&p fell for thehird straight seson. that is the worst losing streak of the year. microsoft could be in some hot water with the justice department. microsoft and some of its business partners are being investigated over a foreign bribery claims. government officials in china, italy and romania were allegedly bribed to earn software contracts but shares of microsoft still managed to close the day up slightly. >>> all right we start tonight in cyprus. th parliament rejected the tax on bank deposits, potent
for future bailouts. but making large depositors pay will hurt the wider economy, too. and that's the big question. yes, cyprus has been saved from bankruptcy and will remain in the euro zone, but at what price? some are estimating that with the reduction in the banking sector and with higher taxes, the cypriot economy could shrink by 10%. with years of hardship. and that is the big unknown. will the rescue end uncertainty or will cyprus end up like some of the other bailed out countries, with a lost generation, facing recession and job losses? >> pretty grim prospects in cyprus. and in a speech to the cypriot people tonight, the president called the deal painful but he said it was the best he could get. for more on the reaction there, i spoke to the bb's tim wilcox. we have now some clarity on the deal that cyprus has struck with europe. does it look like the island's actually going to be worse off because of this? >> it's instinct because i've just been talking to one of the m.p.'s who voted against the proposals last week, which was going to have a 10% levy or hair cut on deposits over
on the pulse of the economy and consumers. landry's is one of the country's largest estaurant and gammably companies. he is here to tell us where he sees the biggest headwinds and opportunities right now. >>> call it the anti-student loan. investors will pay school costs for a piece of student's future income. isn't that interesting? can this help solve the student debt crisis? the ceo behind it will explain this break through because even when they say it is a not it is always about money melissa: first today's market moment. the bulls are back in the driver's seat. the fed says its policy to stimulate the economy will continue and investors breathed a sigh of relief. dow came close to setting a new record high. the nasdaq marched back toward a 12-year high. the s&p 500 finished less than seven points away from its all-time high. here is who made the big money, proctor & gamble, chevron, travelers and johnson & johnson and united technologies all closed at all-time highs. congratulationses if you own those stocks. >>> all right. our top story tonight how the government in cyprus is make b
cyprus get to this point? >> it is a small country. its economy is based on three things. tourism, a very pleasant place for people to go. shipping, as befits an island. above all, what is euphemistically called finance. in the 1990's and early in this century, what the banks in cyprus did was offer themselves around the world as a wonderful place to come and make a deposit. we will convert whatever currency you have into euros, which is a very good currency to have. we will pay you an unusually high interest rate and ask no questions. this is often called good banking. they got a lot of deposits. depending on the estimates you believe, the total deposits in the bank of cyprus or five to eight times larger than the total gdp of that economy, which is an absurd situation. and those banks in cyprus took all of those deposits and they did what banks are supposed to do, find prudent, safe, non- risky investments. like all the banks and the last 20 years, they failed. they found that investments. they did not to prudently. the banks fell apart. the whole cyprus economy, already impacted by thi
say that cyprus' economy is going to be in significant peril in the future. >> warner: and i gather a lot of these big depositors are russians, other foreigners? how much is known about them? >> a lot of the deposits particularly at the major banks are certainly from russians. cyprus has, you know, a long history with russia. in recent years, we had a lot of russians coming to this island basically sort of seeking a safe haven for their money, given some of the instability in russia. what has happened, however, is that that has drawn suspicion over time that, for example, some oligarchs or even some money of questionable origin is in the banking system. that's one reason why european leaders and particularly chancellor angela merkel wanted to take a much closer look at cyprus' banking sector as a part of this whole bailout. >> warner: how fundamentally will the cyprus economy be restructured or changed? >> the cyprus economy basically lives and breathes on finance. ever since it joined the european union it has shifted away from an economy that had produced a lot of goods over many
reserve's two day meeting on the economy wraps up. that begins at 2:30 eastern time. >> coming up, the head of immigration and customs enforcement testifies about the release of nearly 2000 immigrants because of budget constraints. the 2014 budget plan put out by chairman paul ryan would balance the budget in 10 years and put in place medicare changes. the chamber should finish work on boating on the measure on wednesday. here is tuesday's debate. mr. ryan: i bring forward and present the budget resolution for the fiscal year 2014. we believe that we owe the american people a responsible balanced budget and that is precisely what we are bringing to the floor today. our budget balances the budget within 10 years and it does so without raising taxes. balancing the budget will help us foster a healthier economy, it will help us create jobs. in fact, two leading economists released a study analyzing our budget and its positive effects on the economy and jobs. in the first year they said it would, quote, boost the economy immediately, increasing both of our economy by a whole percentag
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company with extraordinarily small economy. the fact it would precipitate a run with the greek banks or italian banks and bring down the entire system in europe, fumbling along, kicking the can down the road is really pretty fried and we know from experience these events, whether in the balkins with the shooting of an arch duke or whether in cyprus with the shooting of a banking system can lead to fairly significant consequences for the entire european continent and us. >> so far, the worst-case scenario hasn't happened yet. so far. that's good. let me ask you, steve forbes. do you believe that the united states can make itself immune? are we strong enough economically, and financially, to withstand the kind of worst-case scenario that senator gregg discussed? >> the answer is no. we should have learned that from 2008 when these dominos start to topple. it hits everybody. and this is what is so inexplicable. why did the germans draw the line on this, for sheer domestic political reasons. they don't want to be bailing out russian oil gargs. they have an election this year. they have k
%, which meant it was getting broad support from all sectors of the economy. i did make a mistake, which was turning it over to iraqi politicians. i should have turned it over to judges, people who did not have a political ax to grind. on the army, there was no question it was the right thing to do not to recall the army. we should have not said it was disbanding it. the pentagon said it would be self-demobilized. it would have been a big mistake to have called the army back. it would have led to the break up iraq. the kurds were very clear they would secede. when we did try to bring back a single battalion in april 2004, it went immediately over to the insurgency and started shooting at americans. it did not work. building the army from the bottom up -- a new army from the bottom up -- was the right path. today, the iraqi army is the most respected institution in the country. >> when you look back your tenure in baghdad, it was a difficult time. are you proud of what you did? >> i am satisfied. proud is probably going to far. i think that the 3000 civilians who work in the cpa from 25 d
on the economy, the market, and the fed next. ♪ ♪ lou: ben bernanke's federal reserve keeping money cheap, plentiful. chief economist for ubs will tell us whether this is sufficient magic for the market through the remainder of the year. let's take a look at what happened on wall street. today's talks are moving higher. investors expecting just the news that they received, the fed's standing fast, holding steady, helping -- keeping 85 billion a month into the markets in perpetuity. the dow up 56 points, but within 20 points of its all-time high setting a new intra-day record. the s&p up ten points coming within seven of its record high, the nasdaq up 25 them. the nasdaq still some 1800 points away from its all-time high close. over 3 billion shares traded on the big board. gold down $3.80 today, we'll update, interest rates moving slightly higher on the bond market's the treasury ten year holding up till 194. fed chairman ben bernanke warning monetary policy, as he put it, cannot offset fiscal restraint resulting from the fiscal cliff and sequestered. my next guest says economic damage fr
[inaudible] >> in the supermarket, there's evidence of a cash economy expanding. >> we have suppliers demanding cash. not all of them but some are in a panic situation and are demanding cash payments. >> so everyone is waiting to see whether the government can strike a deal with the e.u. by the deadline of monday and save the country from bankruptcy. the challenge for cyprus and its parliament is how to raise nearly $6 billion and so qualify for a full zureo -- eurozone bailout. the problem is there is tension between cyprus and germany. only today angela merkel was warning that patience has its limits. banking would be restructured with smaller bank accounts protected but larger accounts possibly taking steep losses and there might still be a tax on savings. it was rejected once but might be applied to big deposits. every move is controversial. these bank statue were blocking the roads today. they fear restructuring the banks will lead to layoffs. >> they fear they won't have a job. what do you think will happen? >> whatever is decided here will still have to win the approval of the
schoolers? the right answer later in the grapevine. up next, the state of the u.s. economy. what are the chances of another recession here? for over 75 years people have saved money with...ohhh... ...with geico... ohhh...sorry! director's voice: here we go. from the top. and action for over 75 years people have saved money with gecko so.... director's voice: cut it! ...what...what did i say? gecko? i said gecko? aw... for over 75 year...(laughs. but still trying to keep it contained) director's voice: keep it together. i'm good. i'm good. for over 75...(uncontrollable laughter). what are you doing there? stop making me laugh. vo: geico. saving people money for over seventy-five years. gecko: don't look at me. don't look at me. by the armful? by the barrelful? e carful? how about...by the bowlful? campbell's soups give you nutrition, energy, and can help you keep a healthy weight. campbell's. it's amazing what soup can do. >> bret: no major changes on the horizon in how the federal reserve is dealing with the economy. while fed chief bernanke says things are getting better not eve
safe financial move it could hurt young adults and economy as a whole. brenda buttner, anchor of "bulls and bears." i guess it's a story here is that young people are avoiding debt and not getting sort of themselves mixed up in some of these predatory practices that young people have been the target in the past. so had a part of the story is good, right? >> absolutely. during the great recession everybody stopped using their credit cards but particularly those under 35. especially undergraduates as you brought up. in a sense that is good, whenever you hear from a personal financial expert, get some extra money, pay off your credit card debt, but having no credit and misusing credit are two different things and could have potentially difficult implications for our economy and for these young adults. >> rick: i remember my mother telling me, go and get one credit card, buy something you need but get your books and put it on the card and then pay it off in full. that is the way to start establishing a good credit? >> who is your mom. eileen -- that is good advice to your son. that is exact
by foreign media organizations. i think there are two main concerns. first, whether the chinese economy will continue to grow sustainably. and secondly, whether a stronger china will become more assertive, and even -- [inaudible] [speaking chinese] [speaking chinese] >> translator: i think these two concerns are really necessary. china is capable of achieving sustainable and a healthy economic development, in pursuing social progress. and that are more than 1.3 billion people in this country so we are on a long journey towards modernization. for that we would require an international environment of lasting peace. even if china becomes stronger, we will not seek edge me. because we have learned from our own experience in the modern period that one should not impose on others what he himself does not desire. this is an article of faith for us. [speaking chinese] [speaking chinese] [speaking chinese] >> translator: let me underscore here that china has an unwavering commitment to peaceful development. we also have an unshakable determination to safeguard our country's sovereignty and terri
economy. that is the real engine of the economic prosperity. >>> plus the supreme court this week will hear two important cases concerning same sex marriage. shouldn't the black robe masters leave the important social decisions to the states and their democratically elected legislatures or referenda? let the people decide. "the kudlow report" begins right now. >>> first up, in recent weeks, he's become a conservative super hero icon. that following his triumphant speeches at the national prayer service and the cpac political conference. dr. ben carson has a message to roll back obama care, deal with the crushing national debt, and even a bib llically based call r a flat tax. that's what i love. is he the conservative that can save the gop? here is the aforementioned dr. ben carson. director of the pediatric division at john hopkins university. and with us this hour, cnbc contributors keith boykin. as always, dr. carson, great to see you. i'm reading one of many articles that you're retiring in 100 days. i wonder if you would share future plans, especially public service. >> i have
is not buying it. and some economists are now saying that there's a shadow economy that could explain why the retail sales are rising despite static credit spending and paychecks. an explanation at last. at it all ahead unless breaking news changes everything. >>> from fox, at 3:00 in new york city, seven u.s. marines are dead and several others hurt after a training exercise in nevada. it happened at hawthorne army depot there last night. the military uses that base to store weapons and train troops. according to military sources, large mortar, like the one you see hour, somehow exploded. officials describe frantic scene. it was 45-minute chopper flight to the nearest trauma center in reno. today the white house says the president is watching the developments. >> the president's thoughts and prayers go to the families of those who were lost and those who are injured. we're obviously in the early stages of assessing the incident. it's a tragedy, clearly, and the president was briefed immediately on -- and made aware of it immediately and briefed on it, and we're monitoring the situation.
on the economy, the market, and the fed next. ♪ i'm lorenzo. i work for 47 different companies. well, technically i work for one. that company, the united states postal service®, works for thousands of home businesses. because at usps.com®, you can pay, print and have your packages picked up for free. i can even drop off free boxes. i wear a lot of hats. well, technically i wear one. the u.s. postal service®, no business too small. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. yes, it is. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. ans
the depth and length of this weak economy. in some ways the strongest argument for obama to replace him is a partisan argument. there have been republicans in this job now for more than 20 years. and i think democrats may not want the fed chairman job to be something that is seen as a republican job. now, bernanke is, of course, being criticized much more by republicans than democrats will at this point but he still is originally a republican, there are some, geithner, and summers, and including in blinder who would be serious candidates if persh key were to leave. >> rose: your thought, sir? the scuttlebutt from everybody is that he'll probably have snuff after eight years. i do believe that if he wants a third term and he asked the president for it, he'd probably get it for the reasons david said. he's done a very good-- never mind personal, never mind republican. he's just done a very good job. as david said, he's got republicans a lot angrier than teams, even though he came into this job as a bush appointee from the republican side. so i think if bernanke is an eight-year chairman,
food assistance to kids in this country and funding for r&d will drive our economy, but we can't appropriate a sum of money to fix the real cost of iraq. can't pay back the lives of 4,486 american men and women who have died there or the roughly 2,000 broken soldiers who came home and took their own lives. the wounded, physically and mentally, the soldiers who didn't know how not to be a soldier, the families living with a hole in their hearts and the families living with someone they no longer recognize. 10 years leaving their families, living in hell, coming home to unemployment and the homelessness, to a country that's forgotten that it's at war at all, to a country that seems to think a yellow ribbon magnet on their bumper is the only kind of support that oir troops need and the cost in iraq, untold deaths. let me rephrase that. unknown deaths. we can only guess at the destruction that we have left in our wake. 115,000 iraqis, 600,000, you can find the number, what was the long-term impact of that on the environment, the water and health? what happens when someone lives in
against iran have been effective. he said this was due to the iranian economy is over dependence on oil. he said he was not opposed to direct talks to america about iran's nuclear program. >>> the european union has given cyprus until monday to raise 6 billion euros or risk losing a bailout fund. after public outrage on the island, the government backed away from the planned, asking all bank depositors to pay a one-off tax. now have to come up with the money some other way. gavin hewitt has the latest. >> there is anger and anxiety in cyprus. this was a crowd of bank workers blocking access, and arriving mps had to be lifted over police barricades. protesters fear their bank will collapse. were shaken. why did they shout at you? >> because they're losing money. linesing the day, long had formed at the cash machines as the government's scramble to raise billions of euros to avoid bankruptcy. the lines mainly focused on one bank, rumored to be in difficulty. >> there is a rumor that if somebody does not buy it, it will close. >> at 1 cash machine, they posted the time when there would be
and chemical weapons. and also the bernanke conversation today about the economy and the role of the federal reserve when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: the syrian conflict reached new levels this week. the assad regime and the syrian opposition groups accused of each other of using chemical weapons. the allegations were made only hours before president obama's departure to israel yesterday. the white house has yet to verify the claims but lawmakers are increasingly calling for action. here's what presidentbama said eaier day in a joint press conference with israeli prime minister netanyahu. >> with respect to chemical weapons, we intend to investigate thoroughly exactly what happened. obviously, in syria right now, you've got a war zone. you have information that's filtered out. but we have to make sure that we know exactly what happened, what was nature of the incident, what can we document, what can we prove. i've instructed me teams to work closely witll oer countries in the region, and internatio
a balanced budget and it's important we owe the country a reasonable plan and grows the economy. balancing the budget is not just a statistical exercise it's the necessary means to a healthier economy, it creates more jobs and helps people keep more of hard earned money and a contrast to the other budgets that are passing. at least budgets are passing here for a change, but all the other budgets have trillion dollar plus tax increases and have net spending increases and when he you have a trillion dollar deficit, we need to work on our spending and when the other side is offering even more spending increases and even more tax increases, more borrowing, we're still kind of worlds apart. >> greta: i went through the budget and it's very complicated, at least i think it's complicated. and i want to go to different provisions i understand. let me start with medicare. under your program it doesn't affect anyone over age 55. >> if you're born in 1958 or earlier, it doesn't affect you. meaning you stay in the current medicare program just as it's designed now. in addition we get rid of the obamac
a campaign on jobs and the economy, jobbing and the economy, jobs and the economy and beat that drum until i beat people into sleep. that's part of it, all right, but all of the rest of this has to be added together, or we can never reconstruct this country. we will not get the pillars of american exceptionalism back together. [applause] unless we have the full spectrum. if we can restore our families and strengthen our faith and protect innocent, unborn human life instead of assaulting it with a half a billion dollars appropriated to planned parenthood in a single year. that's gotta go. obamacare has got to go. [cheers and applause] we can't let up on obamacare and believe that somehow we're going to capitulate to that side because the roads are vitality, and it is an unconstitutional taking of god-given american liberty, and it's got to go. [cheers and applause] ronald reagan omelet me down a couple -- only let me down a couple of times in eight years. one of those was 1986, and i still had the dent after i heard on the news he had signed the amnesty act of 1986. but it was on the promise
questions on the british economy. i head of the budget address by the chancellor of the exchequer. he also talked about the eurozone bailout of cyprus. opposition leader@milligram said the situation in cyprus was undermining the basic trust across the eurozone. this is just over 30 minutes. time access to capital to fund those projects. >> order. questions to the prime minister. mr. philip david. >> mr. prime minister. >> thank you, mr. speaker. mr. speaker, this morning i had meetings with minister colleagues and others and in addition to my duties in this house i shall o have further suh meetings later today. >> does the transfer every with me that today we need a blue-collar conservative project which has taxes are people who work hard, do the right thing and want to get on? stop spending billions of pounds we don't have on overseas aid where we saw -- helping with their cost of living -- [inaudible] >> first of all, can i thank the honorable frien thing for givine the opportunity to remind people that even before this budget in two weeks time there will be a tax cut for 24 million peop
. no doubt about that. it could hurt the economy by ten gdp points. joblessness but the banks were going collapse anyway. the economy would be in shambles anyway. there is concern that the depositors are hurt, because what is happening is if you have more than 100,000 in euros in the bank, those are targeted to help with the bail-out. $4.2 billion. a lot of that is from russian. a lot of -- he would cry about that. this is a good thing. bail-in, instead of bail-out. you take in a model where you are forcing the bank to save itself. the shareholders, bondholders and go to the uninsured depositors. this is a lesson we might take here. rather than the taxpayers bail-out you have the bail-out within the institution. i understand the pain but i don't think it's a bad idea. >> you float the idea of going after the saving account. it doesn't rez nay with many folks. >> but they weren't insured. they weren't insured over $100,000. here they aren't over $100,000. you know, you know when you put something in a bank like, that i covered the savings and the loan crisis in '80s. people were hurt in t
, the appropriate spending reduction so we can try to get this economy back on track. excitingt is an activity that is been on the house floor these past two days. we will likely pass that out of the house of representatives today. this is a budget by paul ryan that will allow us to get to balance. that means the government will stop sending more money than it takes in by the end of the decade, which is really exciting. what that allows us to do is to get the economy rolling, jobs being created and provide more certainty so young people coming out of college know there is going to be a job in their field. those in the workforce will know they will be needed. those in retirement, social security and medicare and those will be strengthened and security. an exciting time. guest: -- the: when it comes to continued resolution which funds the government through september, did it include sequester cuts that took effect earlier this month? spending atcludes the sequester level. there is flex ability for the military, department of defense and a few other areas that allow money to be moved to areas of
their economy. based on ant was institutions,ree the commission, the ec be, and the imf. the commission has been working hard for many months to facilitate a sustainable i recallto help cyprus i raised the issue of financial results -- assistance program novemberirst time in 2011 with the finance minister of cyprus because of concerns about the sustainability and financial stability. been a particularly complex process in the most challenging of circumstances. already last week, we found ourselves in a situation where there were no optimal solutions ,vailable, only hard choices and that has been even more true in recent days. lagarde said the deal would restore trust in cyprus and banking system. >> it has been a laborious and could result. i would also like to salute the courage of the separate authorities -- the cypriot authorities who are taking on the challenge of putting into place and implementing in the days to, something that will number one protect the injured depositors, number two, treat the two -- the two troubled banks, and limit the treatment to those two banks, and therefore, rest
blames israel. >> they want to control gaza, the people, the economy, they want to control everything. >> welcome to the great palestinian divide. ramallah is hardly boomtown but a galaxy apart from gaza. the market is busy. coffee shops are packed. and nine different arab banks compete for customers at this ramallah mall. stan helped build the mall. he says better than gaza isn't good enough. and, again, he blames israel. >> israel now has the leisure to be able to pick and choose how much restrictions it puts on the various palestinian areas, but that doesn't mean that ramallah is not under military occupation. we are very much in a cage. and around this cage is either israeli settlements or military checkpoints. >> he lives here but raised in youngstown, ohio. an american citizen who voted twice for president obama but believes visiting israel and ramallah now is a big mistake. >> coming and going without bringing any kind of political movement is em boldening israel and imboldening israel with this right wing government means more settlement means more collapse for the palestinian
to us that -- quote -- "the need to transform the world's energy economy while addressing global climate change is not only a religious and moral imperative, it is a strategy for security and survival. the united states conference of catholic bishops says that -- and i quote -- "at its core, global climate change is not about economic theory or political platforms, nor about partisan advantage or interest group pressures. it is about the future of god's creation and one human family." the bishops asked congress to consider seven principles in shaping responsible climate change policies. one, addressing global climate change means protecting the common good. two, climate change will hit the most vulnerable communities the hardest. three, we must seek solutions that enhance rather than diminish the economic standing of the poor. four, new resources must be made available to poor communities to adapt to the effects of a changing climate. five, we must protect vulnerable people from the negative human health effects of climate change. six, local affected communities should have a voi
. it is isolated its economy is in dire straits its leadership is divided. and its position in the region and the world has only grown eaker. i do believe that all of us have an interest in resolving this issue peacefully. trong and principled diplomacy is the best way to ensure that the iranian government foresakes nuclear weapons. peace is far more preferable to war and the inevitable cost the unintended consequences that would come with war means that we have to do everything we can to try to resolve this diplomatically. because of the cooperation between our governments we know that there remains time to pursue a diplomatic solution. that's what america will do with clear eyes working with a world that's united and with the sense of urgency that's required. but iran must know that time is not unlimited. and i've made the position the united states of america clear. iran must not get a nuclear weapon. this is not a danger that can be contained. and as president i said all options are on the table for achieving our objectives. america will do what we must to revent a nuclear-armed iran.
-year slowdowns in the economy. we had it in 2010, 2011, 2012. everyone is on the lookout for it again. i think what the fed has been doing represents a key difference between those three years and now, because then we had stopping and starting with qe. you had end dates. so you had the market in anticipation of ending and then wondering whether they were going to pick it back up again. because this is open-ended, i think the fuel that it provides is longer lasting and represents a key difference in part of the reason why i think we'll avoid this fourth consecutive slowdown. >> heidi, the other big story of the week is cyprus, of course. cyprus a tiny company. a big banking system that is a big percentage of the gdp of that tiny country. so how does this play out? how do you think this gets resolved? and should we worry about an impact in the united states? >> well, we definitely shouldn't worry that it's going to impact the united states, because we have different rules here. what happened in cyprus is europe likes drama. it's the birthplace of opera. it has the birthplace of a lot of forms of
at the hp pavilion ahead of tomorrow's slate of games. >> the fans equal a win for san jose's economy. monte francis live in san jose where you spoke to downtown businesses with more on the economic impact. good morning, monte. >> marla, good morning. in 2010, this tournament generated about $20 million for san jose's economy. expectations this time around are just as high. as you said, college basketball fans from across the country flying into san jose for the tournament. hotels, bars, restaurants in downtown san jose are hoping to recover some of the money they lost with nhl lockout this past season. we're told right now many hotels in san jose are fully booked. when it comes to ncaa's impact on the local economy, there is a trickle down effect. the ceo of the san jose silicon valley chamber of commerce says when the hotels are booked, that translates to more revenue for restaurants, bars, and cafes. >> the expectations are always high. obviously the economic impact can vary. i think the numbers we heard from 2010 were about $20 million in economic impact. so whenever you can bring people
setback for chancellor angela merkel, just when she needed a victory with hard-hit eurozone economies contracting and german taxpayers nervous of the cost of bailouts. opposition parties are demanding the chancellor improve her track record. >> the fiscal cliffhanger in cyprus has turned into a major headache for angela merkel in her role as crisis manager. for many on the island, germany as part of the problem, but she points out that the troika is the negotiating partner for any bailout, not germany. >> politically, it is important that cyprus create a sustainable banking sector for the future. their current model is not sustainable. >> merkel also stressed that the eu had requested a levy on private accounts above 100,000 euros and not the 20,000 suggested by cyprus' government, but the german government says the cyprus debacle is covered in angela merkel's fingerprints and she must find a solution. >> the chancellor must make sure that the deal is struck which represents the interests of cyprus and stabilizes the european economic zone. >> but according to mrs. merkel, the ball is
is normal banking business. there is enough money to keep the economy moving forward, but these are very, very difficult days. tomorrow, the banks will be closed again, and quite possibly on friday, too. >> thank you. we are bringing you all of the latest developments from cyprus as they search for a solution there. police have searched the home of kristie in the guard. ofkhristine lasard, the head the international monetary fund. the operator of japan pose the damaged nuclear power plant in fukushima said iraq had been responsible for a loss of power this week. -- said a rat has been responsible for a loss of power this week. a dead rat was found near a switchboard. the company is investigating whether the raft was the cause. that it has killed a french national captured in mali in 2011. it claims it executed the man in retaliation for france's intervention in mali. the french foreign ministry said it is trying to verify those claims. the first test- tube baby was born in the u.k., the country could be leading the way again. this time it is a new idf procedure that creates a baby with t
's economy after a week on the brink of disaster. talks have significantly overrun, adding to fears that the deal is far from certain. we will go live to brussels in a moment. >> president nicos anastasiades left of cyprus behind for a chilly brussels. he is trying to broker a deal with eu finance ministers by monday to secure aid for his beleaguered country. his eu colleagues are demanding the cyprus raise the sum of 5.8 billion euros itself in order to release a rescue loan package. a compulsory levy on savings may be the only answer. but major investors in cyprus's biggest bank, the bank of cyprus, could lose up to 20% of their deposits. not surprisingly, it's an unpopular measure. >> nearly everyone's going to lose some money. of course, the amount will be greater for some than for others. and that's that. >> there is anger at the nation's creditors. >> the germans are only interested in themselves. they don't care about anyone else. >> cyprus's banks have been closed for a week. the european central bank has threatened to cut off the island's emergency funding should no deal be
's going in the wrong direction now. sandra: saying more federal spending will help the economy, not something that all of us believe is true to be the case. >> no, but i got to go back a little bit there. it's absolutely true that he did miscalculate because neither the president nor myself nor many rational people -- sandra: would he admit that? >> yeah, i think he might, i don't know. nobody thought the house republicans were crazy enough to go through this ridiculous -- sandra: were they crazy? the sun came up. we get through the airport lines -- >> let me address that -- you guys had a ball on this, well, the sun came up, nothing changed. you may live to regret that because, you know, these problems are coming, and, in fact, today, michele bachmann, of all people, was decrying the sequester. why? because an airport in her district lost its tower and has been affected. the cuts are coming. in fact, the only thing that's fore stalled it a bit is the deal made on the continuing resolution. sandra: dan, i argue, however, immediately following, we saw the government, the adminis
investors are among the foreign investors in the economy? there must be significant bank deposit losses. the program must tackle the problem at the root. sure that thee plan is in place without dipping cyprus into debt and on sustainability. cyprus has agreed to close down its second-biggest bank, but once to hold on to the biggest. perhaps the biggest problem is the imf and germany, but to be fair they said no, they want to close the bank, even if it means thousands of job losses. >> the syrian forces are reported to have been firing at each other in the highest. the cat -- an informant captured, missiles with ammunition from the base being taken. it is near a highway to the capital. the same base was captured after two weeks of heavy fighting. the arab league has given the syrian seek to the opposition council. one of many countries to recognize them as the legitimate representatives of the syrian people. we are just the sight of the meeting. >> the meeting is ongoing, but i can say that an arab official attended based on the seats from the syrian national coalition. remember in march
a gloomy new report on the state of retirement savings. >> the recent headlines about the economy as we've talked about have been pretty good but the lingering effect of the great recession is that a lot of americans have had to dip into their savings to get by. and of course that could be a problem in the years to come for many americans. they're supposed to be the golden years. but a new report says retirement like this is way out of reach for most americans who just aren't socking away enough. even with markets near record highs, the confidence workers have in their retirement is low. the employee benefit research institute found that 49% of americans aren't sure they'll be able to retire comfortably and they're not doing much about it. >> it's one of the scariest things is that it is not just that people don't have a lot of retirement savings. it's they don't know what they need. they don't know what they don't have. so, you know, what you would like to see is more people really sitting down with an adviser doing some hard math. instead, people seem to be crossing their fingers and
stand? and israel's minister of the economy is here to answer our questions. >>> plus, mayor michael bloomberg called starbucks ceo ridiculi ridiculist. >>> and the head of colorado's department of corrections answers the door only to be shot down. we take you to the manhunt tonight. let's go "outfront." >>> good evening, everyone. i'm erin burnett. "outfront" tonight with friends like these, well, president obama arrived in israel to day. it was his first trip there as president. everything seemed rosey for a little while between him and benjamin netanyahu. >> and just as we have for these past 65 years, the united states is proudo stand with you as your strongest ally and your greatest friend. >> i want to thank you for the investment you have made in our relationship and in strengthening the friendship and alliance between our two countries. >> sounded so perfect. but then -- later in the day things changed. >> iran is a grave threat to israel, a grave threat to the world, a nuclear iran. the united states is committed to dealing with it. >> each country has to make its own decisi
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